Federal Register of Legislation - Australian Government

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War-time Profits Tax Act 1917

Authoritative Version
Act No. 34 of 1917 as made
An Act to impose a Tax upon Profits.
Date of Assent 22 Sep 1917
Date of repeal 31 Dec 1950
Repealed by Statute Law Revision Act 1950

 

WAR-TIME PROFITS TAX.

 

No. 34 of 1917.

An Act to impose a Tax upon Profits.

[Assented to 22nd September, 1917.]

BE it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows :—

Short title.

1.    This Act may be cited as the War-time Profits Tax Act 1917.

Duration.

2.    This Act shall cease to have effect on a date to be fixed by Proclamation.

Incorporation.

3.    The War-time Profits Tax Assessment Act 1917 shall be incorporated and read as one with this Act.

Imposition of war-time profits tax.

4.    War-time profits tax is imposed on the war-time profits liable to tax under the War-time Profits Tax Assessment Act 1917 arising from any business at the-following rates, namely:—

(a) on the war-time profits arising in the financial year ending at the thirtieth day of June One thousand nine hundred and sixteen—fifty per centum of those profits ;

(b) on the war-time profits arising in each succeeding financial year—seventy-five per centum of those profits.